Philadelphia Multifamily Property Sells for $8.5 Million

A multifamily property located at 732 North 49th Street in Philadelphia, PA, USA has sold for 8.5 million. The property was sold on July 21, 2020, and the sale price was 167 per square foot. The total square footage of the deal was 50,760 square feet.

The property is located in the Haddington neighborhood of Philadelphia, which is known for its historic architecture and diverse community. The property features 60 units and was built in 1925. The property is situated on a 0.92-acre lot and has a mix of one, two, and three-bedroom units.

The buyer of the property is not disclosed, but the seller is known to be a private investor. The sale of the property was brokered by Seth Douglas, a commercial real estate broker based in Philadelphia. Douglas has over 10 years of experience in the industry and specializes in multifamily properties.

The sale of this property is indicative of the strong demand for multifamily properties in Philadelphia. The city has seen a surge in population growth in recent years, which has led to an increase in demand for rental properties. The Haddington neighborhood, in particular, has seen a lot of development activity in recent years, with several new apartment buildings and townhouses being built.

The sale of this property is also a testament to the strength of the Philadelphia real estate market. Despite the economic uncertainty caused by the COVID-19 pandemic, the city’s real estate market has remained resilient. The demand for rental properties has remained strong, and investors are still eager to invest in the city’s real estate market.

Overall, the sale of 732 North 49th Street is a significant transaction in the Philadelphia multifamily market. The property’s prime location, historic architecture, and strong rental demand make it an attractive investment opportunity for any investor looking to enter the Philadelphia market.